Tuesday, October 31, 2017

Will Home Renovations Raise My Property Taxes?

Your Long Island home might not be large in acreage, but it means everything to you and your family. You want that living space to be utilized to the best of your ability and sometimes that means renovations. Sometimes people fear these upgrades because they think there will be a bump in their property taxes down the road. Is this true? Keep reading to find out:

bathroom renovations | property value


Increasing Living Space
The general rule of thumb is when you add living space to a home, you increase the value. Examples of this include:

  • Adding a Bathroom 
  • Extensions 
  • Dormers 
  • Adding Bedrooms 
  • Turning Garage Into Living Space 
  • Turning Basement Into Living Space 
  • Adding a Deck 
  • Increasing the Square Footage of Your Home

Just A Face Lift 
If you are simply renovating a kitchen or bathroom and NOT adding any living space, your home might not need to be reassessed. That is why these types of remodeling projects are so popular! They add value to your home and make it more aesthetically pleasing without raising your taxes. Things can get sticky though when it comes to increasing counter space and making rooms more accessible. These can be considered additions and not alterations and a new property value assessment may be needed.

It Is Okay to Ask
If you are not sure whether a project will increase your property taxes or not, just ask! The contractor may be able to give you this information or the town would be able to help if they can't. If you are adding or altering a portion of your home to compensate for a handicap dependent, your taxes can not legally be raised. Don't let anyone tell you otherwise!

Sometimes the review boards and property assessors get the value wrong and that is where we come in. We use a Comparative Market Analysis to get the real value of your home and if it is too high, we will earn you the necessary reductions. P.T.R.C. Inc. has been doing this for nearly 30 years and we have been extremely successful.

Fill out an application on our website to grieve your property taxes or email info@ptrc.com with any questions!

No comments:

Post a Comment